Amazon shares crash after disappointing Q3 results
Amazon ‘s profit engine AWS slowed last quarter , disappointing investors Thursday afternoon who sent shares down more than 20% after hours.
Why it matters: The results come as Amazon ‘s core e-commerce unit is softening as well — a downshift that began when people began to spend more time and money outside their homes.Details: Amazon ‘s cloud-computing business brought in $20.5 billion in revenue last quarter compared to Wall Street expectations of $21.1 billion, CNBC reported.
• Revenue growth slowed to 27% in third quarter from 33% in the second quarter.
• AWS made up for all of Amazon ‘s profit.
• Amazon said on Thursday that it also expects its all-important holiday quarter to be weaker than expected.The big picture: Several Big Tech companies including Meta, Google parent company Alphabet and Amazon ‘s cloud competitor Microsoft this week reported weaker than expected forecasts.
What to watch: Executives are expected to address analyst questions at 5:30 pm ET.
This is a developing story and will be updated.
Amazon’s profit engine AWS slowed last quarter, disappointing investors Thursday afternoon who sent shares down more than 20% after hours. Amazon’s cloud-computing business brought in $20.5 billion in revenue last quarter compared to Wall Street expectations of $21.1 billion, CNBC reported.
• AWS made up for all of Amazon’s profit.
• Amazon said on Thursday that it also expects its all-important holiday quarter to be weaker than expected.
The big picture: Several Big Tech companies including Meta, Google parent company Alphabet and Amazon’s cloud competitor Microsoft this week reported weaker than expected forecasts.
What to watch: Executives are expected to address analyst questions at 5:30 pm ET.
This is a developing story and will be updated.
